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Construction lending generally involves a line of credit facility over a set period that construction takes place. During construction, interest is charged on amounts advanced against the loan based on costs incurred by contractors. A mortgage is placed to collateralize the overall loan based on construction plans and budgets. The house must be built by a licensed builder. At construction completion, the amount advanced can be converted to a Residential Real Estate loan. The “end financing” of the Residential Real Estate loan can be approved at the same time as the Construction Loan.
HELOC - Home Equity Line of Credit
This involves taking out a second lien on the property. It is an adjustable interest rate based on the amount of money borrowed. This line can be reused as often as available for the term of the loan. It is similar to a revolving line of credit.
FHA loans are particularly helpful for those who want a home, but have little or no money saved for a down payment; including just graduating from college, newly married couples, and those who have had credit problems in the past because of foreclosure or bankruptcy.
Fixed Rate Mortgage
The interest rate remains the same of the life of the loan, with terms from 10 to 30 years, this type is popular because it's very predictable and easy to budget around.
For nearly 70 years, this program has made it possible for families just like yours to experience the pride of home ownership. In today's tough economy the VA home loan program continues to forge ahead on its mission of making home ownership possible for the brave men and women who serve our country.
Adjustable Rate Mortgage
The interest rates change to match current interest rates. This type of loan is popular with those who only plan to be in the home a short period of time, or those who are able to absorb budget changes over the long term.
This involves taking out a second lien on the property. It is generally a fixed rate loan. Many borrowers use this type of loan for home improvements or debt consolidations.
Mortgages which exceed loan limit guidelines set by Fannie Mae and Freddie Mac (over $417,000) are considered Jumbos. This loan allows you to purchase a bigger and more expensive home for those who qualify.
USDA Rural Development Loans
Single Family Housing Loans providing home ownership opportunities to low- and moderate-income rural Americans. Great for first time home buyers with limited income and down payments.
FHA 203K Home Improvement Loans
Offering both Full and Streamlined.Many home improvements are allowed under both programs, including new windows, siding, roofing, additions and more.